### Table 3: Cointegration tests as tests for long-run market integration

"... In PAGE 18: ... Cointegration tests were conducted, as test for long-run co-movement of the price series. These tests (Dickey Fuller and Augmented Dickey Fuller tests with 12 lags) are reported in Table3 . We find that for all market pairs tested, the null of no cointegration is rejected at 1 percent for all but two markets, were it is rejected at 5 percent 14 .... In PAGE 19: ... Implicitly, this is imposing the restriction on the cointegrating vector that the coefficient on the price at the right hand side is equal to one. Annex Table3 gives the results for the key markets. Virtually all margins are stationary at least at 10 percent.... In PAGE 20: ... In other words, adjustment is sluggish. Considering other market pairs, which are only indirectly linked, confirms these estimates (Annex Table3 ). Virtually no markets can be found with immediate adjustment... In PAGE 36: ...Annex Table3 Stationarity of margins of key market pairs Market Pairs: DF sig ADF(12) Sig Ath Doornik -7.82 ** -2.... ..."

### Table 4: Long run estimates (ARDL)

"... In PAGE 21: ... Based on the choice of these lags, the asymptotic long run coefficients and their standard errors can be estimated. Table4 shows the results for some of the models discussed so far. (These use the Schwarz-Bayesian criteria, which Pesaran and Shin found the most reliable).... ..."

### Table 1 Long-Run Price Elasticities of Demand for Total Exports and Imports: Representative Estimates from Previous Studies

"... In PAGE 5: ... The estimates also raise doubts about exports serving as the engine of growth. For, even after we take into account the expansion of world demand due to growth in income, if price elasticities are as low as those shown in Table1 , a 20% per annum expansion of a country apos;s exports is bound to worsen substantially her terms of trade. Alternatively, given these elasticities, it is difficult to reconcile the fast growth in the exports of several East Asian countries with relatively stable terms of trade during the last three decades.... In PAGE 6: ...ield demand elasticities of -2 or -1.33 as in the traditional literature. Riedel apos;s contention that previous studies produced low demand elasticities because they ignored the supply side is also unfounded. Goldstein and Khan (1978) who offered the first systematic investigation of demand elasticities in international trade in a simultaneous equations framework found elasticities (see column 2 of Table1 ) which were statistically apos;Riedel (1989) disagrees with Nguyen apos;s critique, however.... In PAGE 27: ... 20Recall that the coefficients in the first column are the result of eight regression equations each involving Bangladesh and one competing country. Associated with these regressions are eight intercept coefficients which, though not reported in Table1 1, are also statistically significant at 5% or higher significance level.... ..."

### Table 6a: Long-run coefficients estimated in model (7), national datasets: France Models estimated with the following bank characteristic variables France

"... In PAGE 31: ... Table6 b: Long-run coefficients estimated in model (7), national datasets: Germany Models estimated with the following bank characteristic variables Germany (Eurosystem data) Size Liquidity Capitalisation Size, Liq. Capitalisation Size Liquidity -1.... In PAGE 32: ...Table6 c: Long-run coefficients estimated in model (7), national datasets: Italy Models estimated with the following bank characteristic variables Italy (Eurosystem data) Size Liquidity Capitalisation Size, Liq. Capitalisation Size Liquidity -0.... In PAGE 32: ... Numbers in italics are standard errors. Table6 d: Long-run coefficients estimated in model (7), national datasets: Spain Models estimated with the following bank characteristic variables Spain (Eurosystem data) Size Liquidity Capitalisation Size, Liq. Capitalisation Size Liquidity -0.... ..."

### Table 6b: Long-run coefficients estimated in model (7), national datasets: Germany Models estimated with the following bank characteristic variables Germany

"... In PAGE 31: ...Europe are much better capitalised. Table6 a: Long-run coefficients estimated in model (7), national datasets: France Models estimated with the following bank characteristic variables France (Eurosystem data) Size Liquidity Capitalisation Size, Liq. Capitalisation Size Liquidity -1.... In PAGE 32: ...Table6 c: Long-run coefficients estimated in model (7), national datasets: Italy Models estimated with the following bank characteristic variables Italy (Eurosystem data) Size Liquidity Capitalisation Size, Liq. Capitalisation Size Liquidity -0.... In PAGE 32: ... Numbers in italics are standard errors. Table6 d: Long-run coefficients estimated in model (7), national datasets: Spain Models estimated with the following bank characteristic variables Spain (Eurosystem data) Size Liquidity Capitalisation Size, Liq. Capitalisation Size Liquidity -0.... ..."

### Table 2. Panel Estimates of Long-run Coefficients (Dependent Variable: Manufacturing-based REER; N = 10, T = 22 )

2005

"... In PAGE 14: ...A. Cointegrating Relationship Table2 reports the long-run coefficients estimated for the manufacturing-based real exchange rate, corresponding to equation (19). In column (1), all external balance items are combined into one term (Z), while they are broken into TOT and NFA terms in the other three columns.... In PAGE 14: ... If shocks to TOT are more susceptible to short-term variations than shocks to NFA variables, our coefficient estimates based on this finite sample will capture the long-run relationship better for NFA variables than for TOT variables. For each specification estimated in Table2 , we examine whether the real exchange rate is cointegrated with the explanatory variables on the basis of panel cointegration tests proposed by Pedroni (2000, 1999). Table 3 reports these test statistics under alternative measures for the NFA and TOT regressors across these various specifications.... In PAGE 16: ... Finally, comparison of forecast errors is contained in Table 6. The mean squared error for random walk hypothesis is juxtaposed with the mean squared errors based on cointegrating regressions of columns (2) and (3) of Table2 . As in Meese and Rogoff (1983), the realized values of independent variables were used.... ..."

### Table A9: Long-run coefficients estimated in models (7b), BankScope data Size Liquidity Capitalisation

### Table 1: Long Run Trends for the Interest Rate Indicators

2002

"... In PAGE 13: ... Hence, comparing the pre-1930 period to the post-war period suggests that capital bears all of the burden of capital income taxes! Making comparisons over such a long time period is dangerous, and the data I have is probably inappropriate for such a comparison, but hopefully future research can produce improved estimates of rental rates pre-1929. Table1 displays some other interest rate measures that permit cross-checking of this interpretation. If capital bears all of the burden of the corporate income tax, then consumption growth and stock returns should be lower post-war with the amount of the reduction commensurate with the increased rate of capital taxation.... In PAGE 18: ... Columns (6) and (7) tell us something about the effects of deviations of my measured tax rate from the statutory tax rates. MTR is the marginal tax rate derived from the statutory tax prices calculated by Cummins et al (1994, Table1 ) for manufacturing equipment and structures (and averaged across asset types weighting by the net stock of those assets). Column (6) replicates column (1) for the years 1954-89 when the Cummins et al measure is available, and reports a coefficient on the tax share term of -0.... In PAGE 24: ...14, lines 2 and 9 (1929-). As shares of national income, employee compensation and proprietors apos; income are reported by Johnson (1954, Table1 ) at 5 year intervals prior to 1929; I linearly interpolate in between years. population aged 15+ Calculated as the product of total population and the fraction of the population that is aged 15+.... ..."

### Table 6. Long-run multipliers or elasticities. Restricted coefficients. Use results of equation [2] (table 5). FE-2SLS FE-W2SLS FE-3SLS

"... In PAGE 21: ... The FE-W2SLS estimation obtains better results in terms of the determinant of the residuals matrix and the test of Wald for the hypothesis of the joint significance of the parameters and the fixed effects. Table6 shows the long-run dynamic multipliers, i.e.... ..."